First-Time Homebuyers

At Cornerstone Bank, we’re committed to making homeownership a reality for borrowers of all income levels. Learn more about grants that are currently available for first-time homebuyers.

Buying your home is a big financial step and we have many options that can help you achieve homeownership.

• No income restriction
• Primary residence only
• Limited to 1-unit single family or condo
• Mortgage insurance required
• Gift funds allowed

A home purchase program, built with today’s low and moderate customers in mind! With low down payment requirements and competitive rates, this program can help you achieve your homeownership goal*.

• Affordable fixed-rate mortgage options
• Low down payment
• Available for primary residence owner occupied properties, qualified condominiums, and 2-4 unit owner occupied properties.*

*For 1-to-4 Unit Owner-occupied properties and qualified condominiums.  To be eligible, borrower must qualify with income of less than 80% of the area median income.  Minimum down payment is 0%-3%. Property insurance is required. Mortgage Insurance (MI) may be required depending on the loan-to-value of your specific loan.  Homeownership counseling is required.  Borrowers must qualify under MI and Investor guidelines.  Other restrictions may apply.  Please note interest rates and fees are subject to credit history, loan amount, and loan-to-value and debt-to-income ratios.

A first-time home buyer purchase program for properties located in Massachusetts with no Private Mortgage Insurance (PMI). This program allows customers to include gift funds from a family member along with grants from state agencies or local municipalities to supplement down payment requirements.

• You can purchase a Single Family or a 2 Family home with no PMI with as little as 1.5%, of the purchase price being contributed, from your own funds, to the transaction.
• You can purchase a 3 Family Home with no PMI with as little as 3%, of the purchase price being contributed, from your own funds, to the transaction.
• Low, fixed interest rate
• Financial assistance for eligible buyers

Restrictions apply – see ONE Mortgage – Massachusetts Housing Partnership (mhp.net) for complete details.

• No income restriction
• Primary residence only
• 5% down payment for 2-4 units
• Mortgage insurance required
• Gift funds allowed

Ready to begin your journey towards homeownership? Use our Homebuyer Resources page to get started with what you need to know.